Continued Diversification of BC Exports Key to Economic Growth

BC - According to the BC Check-Up, an annual economic report released by the Chartered Professional Accountants of British Columbia (CPABC), despite recent trade uncertainties, B.C.’s exports to international markets increased by 12.7 per cent to reach $43.7 billion in 2017.

“B.C. continues to see growth in our export sector. The value of our exports reached $26.6 billion by the end of July 2018, compared to $25.3 billion the same time last year. We have a solid export foundation in our province,” said Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC.

“The United States-Mexico-Canada Trade Agreement and the approval of the LNG Canada project should improve trade conditions in the near future.”

B.C.’s export destinations are diversified when compared to the rest of the country. Just over half of B.C.’s exported goods in 2017 were destined for the United States. Destinations in the Asia Pacific, including China, Japan, South Korea, Hong Kong, and Taiwan, make up over one-third of the total value of exports.

“Having a diverse trade portfolio and close distance to the Asia Pacific give us a solid footing in trade. Both the Vancouver Fraser Port Authority and the Port of Prince Rupert are on track to see a record volume this year,” said Mathison.

B.C.’s economy is largely dependent on the export of commodities. According to the BC Check-Up, B.C.’s exports account for 38 per cent of provincial GDP. It is important that we continue to improve B.C.’s trade relationships with long-term partners and diversify by building new ones.